Last week, I mentioned that United States Oil Fund ETF (NYSE: USO) was in a perfect spot to buy in.
At the time, I said: “My average entry price was $32.52. With USO around $75 as of Thursday, I’m up about 130%. But I’m not selling yet. I think USO can go to $90 easy.”
Now, as of today, it’s taken a bit of a tumble back down around $75, thanks to the restart of diplomatic talks between Russia and Ukraine and an announcement from the United Arab Emirates that it could increase production to ease supply issues.
From where I’m sitting, this gives you a second chance if for some reason you didn’t get in last week. If you did, my advice is to keep hanging on. USO is a high-flyer, and I think it could still go a lot higher.
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